We calculated the average cost of home renovation based on a four-room HDB flat (i.e. 90sqm) since it represents the biggest proportion of residences in Singapore (32 per cent of all homes). According to our research, the average cost of home renovation for a four-room HDB flat is around $55,000. This cost includes all of the raw materials required and the labour needed to complete the project. In general, there are seven major components you will need to pay for (pictured).

At any one of these six steps, your choice of materials can decrease the cost of a remodel substantially. For instance, using laminate instead of marble in the kitchen and vinyl instead of granite in the bathrooms are just a few simple ways to save.

If money is an issue, consider the raw material at every step of the process and see if cheaper solutions exist. On top of this raw material cost, completing a portion of the work yourself can be a great way to save on labour.

Although the average cost of renovating a home is around S$55,000, this cost could actually vary heavily depending on how you redesign your residence. There are largely nine different style categories that people choose in Singapore.

Regardless of how you finance the project, it is important to first determine the maximum amount you can spend on the remodel. Most experts recommend setting a budget first, and then removing 15 per cent from this total. In essence you now have 85 per cent of your budget to work with and have 15 per cent available if cost overruns occur. If this is your first remodel, be realistic and expect some things to not go as planned. By creating a 15 per cent buffer, you will be confident that the project can be done at your price point and not create a financial strain for you or your family.